WION Business Wrap | Italy’s losses from extreme weather, Foxconn’s sales decline & more 

WION’s Business Desk brings you this daily round up of global stories from the world of business and economy. 

Italy grapples with billions in losses from severe flooding and extreme weather 

This year’s extreme weather events have devastated Italy, killing crops in certain regions and seriously damaging urban areas. The government is counting the hefty cost of these catastrophes. The top insurance firms are already dealing with claims over €3 billion ($3.2 billion) from floods and hurricanes that affected Emilia Romagna and Veneto earlier this year.  

Saudi Arabia’s non-oil business activity surges to four-month high on new orders 

According to a recent poll, the non-oil business sector in Saudi Arabia has experienced a strong development trend. The survey also revealed that the Kingdom’s economy has been growing for the second consecutive month in October. Seasonally adjusted, the Riyad Bank Saudi Arabia Purchasing Managers’ Index increased to 58.4 last month from 57.2 in September, according to Reuters. 

Saudi Arabia and Russia hold steady on oil production cuts amid West Asia tensions 

Even as geopolitical concerns in West Asia continue to upset global oil markets, Saudi Arabia and Russia have reaffirmed their agreement towards maintaining reductions in oil output of more than one million barrels per day until the end of the year.

China faces persistent deflation challenges as economic fragility persists 

As 2023 draws to a close, China’s ongoing battle against deflationary pressures raises concerns about the stability of its economic recovery. According to a Bloomberg survey of economists, the data, which is expected on Thursday, could indicate that consumer prices in China experienced deflation again in October. 

Foxconn sees decline in sales amid Chinese investigation: Report 

The largest iPhone assembler in the world, Hon Hai Precision Industry Co. (also known as Foxconn), had a 4.6 per cent drop in revenue in October, which has investors worried about the company’s survival in the midst of a Chinese probe.

India extends free food grains program to tackle rising cereal prices: Report 

Prime Minister Narendra Modi disclosed on Saturday that India has announced a five-year extension of its free food grains programme in an effort to protect people from the skyrocketing prices of cereals and in anticipation of the forthcoming general election early next year.  

China to boost imports and market access despite criticism at Trade Expo 

Reaffirming its commitment to opening up its economy, China’s Premier, Li Qiang, declared on Sunday at the annual China International Import Expo in Shanghai that the nation will increase imports and further extend market access. Li told Reuters that China hopes to import $17 trillion worth of goods and services over the course of the next five years.